How are you? April (3-9)
A share in Twitter and a seat on the board
Twitter announced last week that Elon Musk will join its board of directors after purchasing a 9.2 percent stake in the company, making him the largest shareholder. Mr. Musk had contacted Twitter CEO Parag Agrawal before buying the company’s stock to tell Mr Agrawal he wanted to discuss improvements to Twitter, people with knowledge of the discussions said. Mr. Musk’s board seat expires in 2024 and he has agreed not to buy more than 14.9 percent of Twitter’s shares. But unlike some other members of Twitter’s board of directors, he did not sign an agreement that prohibits him from influencing the company’s policies. Mr. Musk, who has been in trouble for his own tweets, has publicly criticized Twitter for its content moderation policy and advocated open source algorithms on the platform. He asked his more than 80 million followers last month if they would like the ability to edit tweets.
Europe bans Russian coal
Leaders in the European Union announced a fifth round of sanctions against Russia on Thursday, targeting the country’s energy for the first time. The new measures would cut off Russian coal for four months, a month longer than originally proposed. The extended withdrawal timetable — as well as the delay in the bloc’s decision, expected on Wednesday — revealed some of the difficulty in reaching an agreement between all 27 member states and the compromises that may have been necessary for countries like Germany. who are more dependent on Russia for coal. And many have warned EU leaders that the ban could harm Europe more than Russia, raising energy prices and harming industry: Russia supplies nearly half of the bloc’s coal. Still, coal may be the easiest source of energy to replace, with the United States, Colombia and South Africa potentially filling the supply gaps.
A verdict in a fraud scandal
Roger Ng, a former Goldman Sachs banker, was convicted Friday of bribery and money laundering. He is most likely the only person to face charges in the United States in connection with a plan to loot more than $4 billion from a Malaysian state fund, 1Malaysia Development Berhad. During the two-month trial, Mr Ng’s lawyers attempted to portray the government’s key witness, Tim Leissner, as a liar. Mr. Leissner is another former Goldman banker who pleaded guilty to charges related to his role in the plan. And Mr. Leissner himself admitted during questioning that he had “lied a lot” about his personal life and to his colleagues and investigators. But the jury found Mr Ng guilty on all charges on Friday, which together carry a prison sentence of up to 30 years. The architect of the plan, Jho Low, is a fugitive and believed to be living in China.
What’s next? (April 10-16)
And you thought inflation was high
The consumer price index for March, expected to be released on Tuesday, could show inflation – already rising at its fastest pace in 40 years – to accelerate. Prices rose 7.9 percent through February, largely driven by higher food costs and rents. As the March report will reflect rising gas prices that shocked drivers at the pump, inflation is expected to climb even higher, to above 8 percent. That figure is bad news for the Federal Reserve, which is likely to act more aggressively to curb inflation, and for President Biden, whose approval ratings have been tarnished by high prices.
